It is enacted by the General Assembly as follows:

SECTION 1. Section 7-1.1-98.1 of the General Laws in Chapter 7-1.1 entitled "Business Corporations" is hereby amended to read as follows:

7-1.1-98.1. Continuation of certain corporate powers -- Any corporation dissolved in any manner under this chapter or any corporation whose existence is terminated under section 44-12-8 or any corporation whose certificate of incorporation is revoked by the Secretary of State pursuant to the provisions of section 7-1.1-87 nevertheless continues for two (2) five (5) years after the date of the dissolution, or termination ,or revocation for the purpose of enabling it to settle and close its affairs, to dispose of and convey its property, to discharge its liabilities, and to distribute its assets, but not for the purpose of continuing the business for which it was organized. The shareholders, directors, and officers have power to take any corporate or other action that is appropriate to carry out the purposes of this section.

SECTION 2. This act shall take effect upon passage, and shall apply to a corporation dissolved under this chapter or to a corporation whose certificate of incorporation was revoked by the Secretary of State prior to the passage of this act.